Last month, the practice of investment funds and cuckoo funds, facilitated by the Government, buying up family homes wholesale and pushing home buyers out of the market was exposed but instead of shutting down these practices in their entirety, the Government only took half measures and took no action whatsoever on apartments. We now know the Taoiseach was warned by a senior official in the Department of Finance that failure to stop these funds from buying up entire apartment complexes and exempting apartments from the tax increases would make it impossible for first-time buyers to enter the market. Yet, the Taoiseach has persisted with an approach that allows for the wholesale snapping up of apartment blocks, leaving many people in the hands of absentee corporate landlords charging extortionate rents. Why did the Taoiseach ignore the advice of these officials? Why has he taken this course of action?

The Minister for Finance is very clear on this in relation to the story in terms of an official in the Department of Finance warning the Government that exempting apartments bought by investment funds from a tax increase would make it impossible for first-time buyers to enter the market. We all know in terms of policy development, and for healthy policy development, that a range of opinions is offered and should be encouraged and nurtured in any Department or agency. Briefings, thoughts and insights are provided. It is a rare policy decision that has no potential drawbacks. That view was one of a number of views presented. However, the Department of Housing, Local Government and Heritage had a different view, and a very compelling view, in respect of the decisions made by both Ministers at the time, in terms of the optimal way to deal with this. That was that if a higher stamp duty was applied to apartments, there was a risk that developers would exit from the apartment building market as such projects would no longer be viable and an important element of our future housing strategy would be lost.